M&A deals boost the volume of mutual insurers
Collectivfide Insurance Group has closed the acquisition of majority stakes in two Ontario-based brokerages, its 7th and 8th deals since its formation in 2019.
Collectivfide, whose shareholders represent 25 Canadian mutual insurers, finalized the acquisitions of majority stakes in Kitchener-based E. Bollenbach Insurance Brokers Ltd. and Moore Hemsworth Insurance Group Inc. of Dublin and Listowel.
E. Bollenbach Insurance has served customers in the Kitchener-Waterloo area for more than 45 years, providing tailored home, auto and commercial products.
Moore Hemsworth Insurance provides home, auto, business, farm and life and health insurance. The brokerage started as Hemsworth Insurance in 1886, with the Moore family selling insurance since 1968. They joined forces in 2009 to form what is now Moore Hemsworth Insurance Group.
“We are continuing to achieve our goal of growing and protecting mutual volume with the addition of these two brokerages into the Collectivfide network,” said Collectivfide Insurance Group president and CEO Tony Ngo.
Moore Hemsworth Insurance’s managing partner Jon Hemsworth added: “Knowing I still have an ownership stake in the business and can now utilize the in-house expertise at Collectivfide, along with the other brokerages within the team, to help take our brokerage to the next level is incredibly exciting.”
For Paul Bollenbach, owner of E. Bollenbach Insurance, “being a smaller independent brokerage, having access to more markets and back-office services is just the support we need to continue to grow.”
Collectivfide’s shareholders represent mutual insurance companies in Ontario and across Canada with more than a century-and-a-half of experience to draw upon.
Although the company is focused on Ontario acquisitions, Collectivfide would consider expansion to other provinces, Ngo told Canadian Underwriter in May 2021. “As opportunities arise in the future, we would consider expansion outside the province if there is alignment with our values and strategy.”
Feature image by iStock.com/nespix
